Technical Analysis – DayTradeIdeas

Daily Technical Analysis is provided by Jason Sen of Day Trade Ideas, who has been day trading since the late 1980’s. Jason has been a contributor of Traders Summit since the beginning. He primarily focuses on providing technical analysis of the financial markets, including stock chart patterns, Forex and Metals setups, and other useful technical analysis.
US dollar should continue higher after new buy signals but Bitcoin expected to collapse again.
EURUSD if you managed to short just below 1.0800 we tumbled to support at 1.0690/70 for profit taking, with a low for the day exactly here. Longs here today need stops below 1.0650.
Sell a break below 1.0650 targeting 1.0600, perhaps as far as strong support at 1.0510/1.0490.
Longs at support at 1.0690/70 can target minor resistance at 1.0750/60. Further gains meets strong resistance at 1.0800/20. Shorts need stops above 1.0840.
EURCAD: Key support at 1.4240/20 – longs need stops below 1.4195. A break lower is a sell signal & we could then target 1.4130/20, perhaps as far as 1.4070/50.
AUDUSD we wrote: potential bear flag forming with lower trend line at 6945/35 so a break below here should be a sell signal initially targeting 6895/85 then 6870/65. The pair broke lower hitting 6909 & outlook remains negative for Monday.
A break below the 50 day moving average at 6870/60 can target the 200 day moving average at 6810/00 today. Resistance at 6970/80 – shorts need stops above 7000.
NZDUSD broke the lower trend line of the bear flag at 6330/20 for a sell signal targeting 6295 (hit) & support at last week’s low at 6285/65. (So we may see this target hit today).
A break below 6255 is a sell signal targeting 6200/6190, perhaps as far as 6160/50. Expect resistance at 6340/50. Shorts need stops above 6370
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Jason Sen, Director
https://www.daytradeideas.co.uk
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